Turn Home Equity Into a Stunning Remodel That Sells
Remodeling or renovating your home with an eye towards adding resale value means understanding what buyers want in 2017. This year, you’ll get the most home remodel value from high-impact projects that may cost more but produce a bigger wow factor. Beyond that, the smart money continues to be on curb appeal and energy efficiency, according to Remodeling’s most recent cost versus value report.
American homeowners spent $326.1 billion remodeling during 2015, according to the Joint Center for Housing Studies of Harvard University. Somewhat predictably, real estate professionals are recommending money spent on the rooms where people spend so much of their time: the kitchen and the bathroom. Who wouldn’t want to soak under a rain forest shower or whip up dinner on brand new appliances?
Spend home improvement money where it counts
But the projects that made the biggest value gains last year may come as a surprise. According to Remodeling, topping the list of biggest movers up the list was replacing a fiberglass entry door, offering a 21.2 percent better recoup of funds expended. Other big movers on the list were two-story additions, new master suites, and of course the major kitchen remodel.
So what improvements generated the highest returns last year on Remodeling’s list? Energy efficiency took the top spot, but curb appeal swept the next three positions.
- Fiberglass attic insulation. They may not want to climb up into the attic to see it, but homebuyers will appreciate the energy cost saving benefits of new fiberglass attic insulation. This is one of the simplest, most cost-effective home improvement moves you can make.
- Manufactured stone veneer. Curb appeal is king when you’re trying to interest potential buyers, and stone veneer is an easy way to update the look of an older home.
- Garage door replacement. If you don’t like the popular barn door aesthetic, at least make sure your garage door provides an attractive, screech-free entry for homebuyers.
- Entry door replacement. Curb appeal continues to drive the list at the front door. Don’t bite off more door than your house merits, but do make sure the entry is fresh and welcoming. Consider adding a contemporary touch with smart locks and ringers or alert systems.
- Minor kitchen remodel. Even a minor kitchen update makes more of an impact than most other improvements. If you plan to sell, remember that it’s not about personal taste. Choose contemporary standards like granite and stainless, and don’t be tempted to install top-of-the-line appliances if you don’t have a custom home.
Looking for an affordable renovation project that’s always in style? Go with fresh paint. Do a little research first to find today’s most popular neutrals (hint: gray is your friend), and watch buyer interest soar.
Turn home equity into sales potential
A home equity loan or line of credit may be just the advantage you need to turn your home into a hot property homebuyers flock to bid on. Reinvesting in your home’s value makes sense when you want to bring in top dollar for the market.
PenFed offers you the choice of several home equity loan options. Look at a standard home equity loan or home equity line of credit, investigate a 5/5 home equity line of credit or try an interest-only home equity line of credit. Investigate your options today at PenFed Home Equity financing.